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This is how much money you need to retire by 40 in Texas.


Summary: Get out your piggy bank. Texas came in at No. 20 on the list; you'll need $1.4M if you want to retire at 40 and live to 85 in Texas. And that is an average. The cost of living in Fort Worth in 2024 is 1.2% higher than the National Average; currently single adults in Fort Worth require a $94,765 yearly salary to live comfortably.

Latest Update: 10 April, 2024





 

This is how much money you need to retire by 40 in Texas.


Texas came in at No. 20 on the list, with West Virginia being the lowest savings needed and Hawaii the highest. You'll need $1.4M if you want to retire at 40 and live to 85 in Texas. And that is an average. [1] Cost of living in Fort Worth in 2024 is 1.2% Higher than the National Average [2]


But there is more. Today, single adults living in Fort Worth require a $94,765 yearly salary, $45.56 hourly, in order to live comfortably in 2024. [3] And that is $30,023 more than they needed in 2023.


For a Fort Worth-based family of four, the total combined income needed to live a secure lifestyle is currently $214,490.[3]



Sources and Research

[1] This is how much money you need to retire by 40 in Texas, report finds, Culture Map, Fort Worth, 26 March 2024, Excerpts


Many working adults have asked themselves whether or not they'll be able to achieve an early retirement, but the reality is: It's not attainable anywhere in the U.S. without a substantial nest egg (and the income to go with it).


In Texas, that nest egg would have to be at least $1 million in the bank, according to a new annual report by personal finance website GoBankingRates.


According to the study's findings, the total cost of living expenses for the average Texan adds up to $3,362.63 per month, or $40,351.50 a year.


Based on those numbers, GoBakingRates calculated that a Texas resident retiring by age 40 would need a jaw-dropping $1,278,894.70 saved up if they were to live until they were 80 years old.


If a 40-year-old Texan lived to be 90, that nest egg would have to be $1,458,966.13, and if they lived to be 100, they'd need $1,639,037.55 in their savings for those remaining 60 years.


Texas came in at No. 20 on the list. Texans can breathe a (small) sigh of relief they aren't retiring in Hawaii, which came in at No. 1 on the list, with the highest amount of savings needed to retire early. The annual cost of living in Hawaii is nearly $107,000, which means a 40-year-old Hawaiian would need more than $3.94 million to retire early and enjoy 40 years of retirement.


The report echoes national ongoing financial strife in regards to inflation and cost of living increases, where not even Dallas-Fort Worth is immune.


Texas

Total monthly cost: $3,362.63

Total annual cost: $40,351.50

Live to 80, 40 years of retirement, CoL: $1,278,894.70

Live to 85, 45 years of retirement, CoL: $1,368,930.41

Live to 90, 50 years of retirement, CoL: $1,458,966.13

Live to 100, 60 years of retirement, CoL: $1,639,037.55


Cost of Living in Fort Worth, TX is 1.2% Higher than the National Average


Did the Cost of Living in Fort Worth, TX increase in 2024? Fort Worth, TX area prices were up 2.2% from a year ago. The largest increases were found in Transportation, Food, and Housing.


[3] Fort Worth residents need $30K salary bump over last year to live comfortably, Culture Map, Fort Worth, 14 March 2024, Excerpts

According to a new SmartAsset report, single adults living in Fort Worth and Arlington require a $94,765 yearly salary in order to live comfortably in 2024

.

That figure represents a jaw-dropping $30,023 more than they needed in 2023, when Fort Worth-area residents needed to make $64,742 a year to live comfortably.


Fort Worth residents would need to make a $45.56 hourly wage individually to lead a comfortable lifestyle and avoid living paycheck to paycheck, says the report, which analyzed 99 major U.S. cities.


For a Fort Worth-based family of four, the total combined income needed to live a secure lifestyle is currently $214,490.


2024 Most Affordable Places to Retire, US News and World Report, 20 November 2023

These are the cities with the most affordable housing that also scored highly on the U.S. News 2024 Best Places to Retire ranking. Consider these affordable cities for retirement.






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